We have the ability to have access to our clients in Texas but also more broadly across the United States and internationally. The news, which . One of the first people that called me after the announcement that I was going to be the co-head of this division, was a friend and they wanted help managing their financial lives, but not just theirs, but their family. And I love learning. The caucus started as a small gathering a decade ago organized by Stephanie Cohen then an up-and-coming banker at Goldman Sachs, who was vexed by the chummy boys network thats long dominated the business of guiding mergers and acquisitions. Stephanie Cohen is now the management committee's youngest, with the rare label of 'ex officio' member. And the question, which is kind of an obvious question is why now? Wow. Jennifer Tescher: And so we created Launch with GS, which was our commitment to closing the diversity investing gap, where we said we were going to invest in companies founded, owned and led by diverse founders and diverse management. "They are like-minded brands that are meeting people where they are," Cohen said. Global Financial Health Launch Decision: Send Em! I did a lot of it and a couple of other things that I just think are a little bit of tricks in doing this. Cohen, who oversees 11,000 employees in her division, said that the business is divided along three lines: ultra-high- wealth households; companies and their employees; and consumers. She joined Goldman Sachs as an Analyst in 1999, was named Managing Director in 2008 and Partner in 2014. She was previously based in New York where she reported for The Motley Fool, TheStreet and Business Insider. She is the daughter . Sometimes you have to tell people what they dont want to hear, and shes among the best Ive seen when she gives advice," said Eileen Nugent, a senior M&A lawyer who has advised on buyouts. Jennifer Tescher: No question. Its not a one size fits all product and solution. My team, I talk about this all this time, its getting to yes way, which is you see a problem and instead of showing up with a problem, you show up with a solution and you work your way through the solution. In August, The Dallas Morning News reported that Goldman is eyeing a new skyscraper project on the edge of downtown Dallas as a location for up to 6,000 workers. And how can we serve them? The regions tech workforce is projected to expand 17% over the next decade. Im excited to see how that develops. In the latest in a rapid career of promotions, Cohen, 43, took over as co-head of consumer and wealth management in January, overseeing consumer bank Marcus, which has racked up $97 billion in deposits. We believe our investment in these strategic locations enables us to build centers of excellence around specific capabilities that support our business initiatives, the company said. She also spearheaded . You mentioned the Apple card. She is now even given the place at the top of the bank. Stephanie Cohen: Stephanie Cohen quickly rose through the ranks at Goldman Sachs to become one of the youngest members and one of only a few women on its management committee. Stephanie Cohen is global co-head of Consumer and Wealth Management at Goldman Sachs, a member of the firm's Management Committee, and global executive sponsor of the Women's Network. How has that influenced you? Wow, this is so devastating. Since the start of this year, Cohen has held the weighty title of chief strategy officer leading a team that helps decide where the bank should pursue new lines of business or acquisitions of its own. In its 2021 annual report released in February, Goldman said it had established key strategic locations that included Dallas, Salt Lake City, Singapore, Warsaw and Bengaluru. Mr . The reality is that investing can be intimidating for a lot of people. Im actually a former journalist. She also serves as trustee for the Board of The Economic Club of New York. Goldman Sachs Group wants to be your digital banker, and it has assigned the job to Stephanie Cohen, marking her second year on the Barron's list. But she is quick to point out that this is no PR ploy on behalf of the bank: "This is not philanthropy. Goldman Sachs is exploring "strategic alternatives" for its nascent consumer banking business. And my mom who is a history teacher at some point and really cares about history and I love history and read it. Stephanie Cohen: E ine Stunde mit . terms: Goldman Sachs Banks Stephanie Cohen Succession. How does this all fit together? She is also a member of the Firmwide Asset Liability Committee and the Global Inclusion and Diversity Committee, serving as a Global Executive sponsor of the Women's Network. Since then, the 41-year-old has charted a rapid rise inside Goldman Sachs, landing a seat last week on its most coveted decision-making body. Things like auto pay. Yeah. When I walked into a board room, theyd expect a very tall man, but instead theyd get a relatively shortwoman. Some there have earmarked her as a candidate to become the first woman to lead the investment banking division, the banks most profitable arm. Stephanie Cohen, head of platform solutions, said scale would help the business reach profitability by 2025. STEPHANIE COHEN, GLOBAL HEAD OF PLATFORM SOLUTIONS, 45. It didn't go well. And so what were trying to do is no different, we were just doing it with one product and now were going to try to do it with a holistic product suite. She started as an analyst in 1999 and has held a series of leadership positions in mergers and acquisitions. You cant have two different meetings where you talk about market share and growth and margins and then you have another meeting where you talk about diversity. Stephanie Cohen, cohead of Goldman's consumer and wealth group, is the only woman heading one of the bank's primary business divisions. On September 29, 2020 . Marcus. And this year were going to launch Marcus Invest and checking and a credit card partnership with General Motors. You are now subscribed to our newsletters. Im a lifelong learner. And so we think this idea of really starting with a clean sheet of paper and building financial services that puts the customer at the center, is something that we can do directly through Marcus and we can do through our partners. In brief remarks about the Federal Reserve's handling of COVID-19 crises, the governor said the central bank's asset-buying program is taking longer to unwind than its emergency lending facilities. Its pretty amazing feat that youve managed to essentially build a homegrown digital business from inside this storied institution. It celebrated the repayment by handing employees buttons that said Paid.". And since then, youve begun offering all kinds of things. I didnt have that term before, but as a giver. A step-by-step guide for HR professionals. And so in skating you fall all the time. Jun 22 Stephanie Cohen: Chief Strategy Officer at Goldman Sachs. The San Francisco bank entered into a multiyear partnership with Choice Hotels, which operates brands such as Radisson, Comfort and Econo Lodge. Ms. Cohen also led Launch With GS, Goldman Sachs $1 billion commitment to invest in companies and investment managers with diverse leadership, as well as GS Accelerate, the firms in-house innovation engine. Stephanie Cohen: And I have to say, I was a little bit surprised that that was the book you chose. Close. The bank will aim to grow fees from asset and wealth management and drive better performance in its fintech unit, while taking more market share in its traditional powerhouses of trading and investment banking. Jennifer Tescher: And theres a way to do that for a Marcus customer, but maybe theres over time a different way to do that for a General Motors customer or others that we partner with. Stephanie Cohen is Global Co-Head of Consumer and Wealth Management at Goldman Sachs, the only woman to currently lead one of the firm's four revenue divisions. As an investment banker for close to 20 years, my presence in board rooms was often an anomaly. For Members Only Federal Credit Union in Chicago, which was founded by the African American sorority Alpha Kappa Alpha, is focused on helping members build generational wealth. Stephanie Cohen: Correction: A previous version of this article mistakenly stated that Cohen became a managing partner at Goldman Sachs in 2008. Then President John Waldron repeated it. As the banks chief strategy officer, she brought clarity and focus, including a new commitment to diversity and inclusion. She is also a Global Executive sponsor of the Women's Network. How big the Dallas operation will get is a source of regular speculation in the North Texas real estate community. Goldman Sachs Group Inc's Chief Executive David Solomon and top executives will give investors an update on their strategy on Tuesday. [House Hearing, 117 Congress] [From the U.S. Government Publishing Office] H.R. They are part of Goldman Sachs and we are really excited to serve them with the best of Goldman Sachs digitally. Where does the bank and the Fed go from here? Remove some to bookmark this image. For reprint and licensing requests for this article, https://www.linkedin.com/in/mary-ellen-egan-97506b5/, Banking on sisterhood: A Black sorority launches a credit union. Talk a little bit about how Marcus has evolved and where you see that business heading now that youve reached, say adolescence. In The News Closing the Gender Investing Gap By Stephanie Cohen, Chief Strategy Officer, Goldman Sachs June 19, 2018 I've worked my whole career in an industry dominated by men. When I started as chief strategy officer, I had, of course that realization that you said exactly, which is okay, Ive been at Goldman Sachs 17, 18 years and Ive been sitting in the investment bank and Ive learned a lot, but there is a lot about what we even do at Goldman Sachs that I dont understand. Talk to me a little bit about how thats happened. And its interesting though, because when we think about it and we talk about it and what we focus on every day, the mission is still the same. My husband and I were talking about it last night, we all still need a lot of help. Senior Editor, Women's Programs, American Banker. And I really got to know them on a totally new level because they were talking to me about their lives and their goals and their dreams and how we could be helpful. She is also a member of the Partnership Committee, Global Diversity Committee, Firmwide Enterprise Risk Committee and Firmwide Finance Committee. Well, I think Im biased, but I think I have the best job at Goldman Sachs. I used to get off the ice from practices and be soaking wet because you just are cleaning up the ice falling because its the only way to learn a new skill. And that means that we need to go from being about a product, to really having solutions and building holistic relationships with our customers and by building that entire product suite and making it something thats simple and transparent, easy for millions of people to access, we think were going to do that. And what we are and what were trying to become is we have these two self reinforcing strategies. Youve begun offering credit beyond debt consolidation. And I talked to you about three things that I think have helped me and the teams around me be successful. The reality is, theres basically two different states where people have some money and they either want to figure out a way to invest it or save it or spend it or they want to do something and they need to figure out how to pay for that. Net revenues for the consumer business in the second quarter were $608 million, 67% higher than the second quarter of 2021, primarily reflecting significantly higher balances on both credit card balances and higher deposit balances. The . Our 150 years of financial services experience and things like risk and compliance, our scale, which is our ability to invest, but also the balance sheet, which provides the ability to provide things like credit and great relationships with people like Apple and GM. By doing that, you can actually, authentically be the person you want without assuming that you have to be someone else., Make it easier to make the right decisions. By doing that, you can actually, authentically be the person you want without assuming that you have to be someone else., Sam Bankman-Frieds Deceptions Allegedly Include Millions in Illegal Campaign Contributions, The Fed Raises Rates as Expected, But Spooks Investors With a Gloomy Forecast, Meta Is Sued for Allegedly Profiting From Hateful Content on Facebook in Ethiopia, Twitter Suspends @ElonJet, the Account Tracking Musks Private Flights. And the reason why we decided now was the right time for Goldman Sachs is because one, technology. And so this real focus on execution, which I no doubt learned by being a mergers and acquisitions banker inside of Goldman Sachs. I think Goldman has a growing number of excellent women at the firm. to talk about career, money and life. And then because while we can access millions of customers, the way that we can really have impact is by taking those capabilities and embedding it into the ecosystems of our partners. Kristin Broughton Reprint For reprint and licensing requests for this article, click here. Stephanie Cohen is Global Head of Platform Solutions and a member of the Management Committee. This is a subscriber only feature Subscribe Now to get daily updates on WhatsApp. And so we have this situation where you have an under invested asset class and theyre going to out return and you never see that. Youre one of the few women whos risen to that level. Meaning I end a lot of conversations with, How can I be most helpful to you? And I do try to give people really direct feedback because I think its the way to make them better in their own careers. After getting an offer to work at Goldman Sachs in investment banking out of school, she thought she would work there for two years and then attend law school. Goldman Sachs. ", Cohen led "Launch with GS," the bank's $1 billion commitment to increase access to capital for women, Black, Latino and other diverse entrepreneurs and investors. Were looking for mission-driven people to join our team. I wonder if you might reflect a little bit on how Goldman is really trying to make good on this idea of inclusive capitalism when it comes to forms of identity, gender identity, race and ethnicity, et cetera. And at least I believe and I think its fair to say that theyre amazing. Cohen said Goldman has been focused on fortifying its relationships with universities to help attract engineering talent to D-FW. And so, one of the things we certainly talk about is the board initiative, which was that we werent going to take companies public unless they had at least one diverse board member. A checking account is currently in beta, according to Cohen. A lot of investment bankers have the attention span of a gnat," said Stephen DeFalco, who was the CEO of Crane & Co. before Goldman Sachs helped sell the company. Secondly, culturally. But by the way, you cant do that always at scale. The phrase is often used as company jargon for a sale or merger. And this kind of idea of people wanting to experience financial services deeply embedded into ecosystems rather than being this separate action. And the last thing Ill say on it is I love going to visit our offices outside of the US particularly in places like Asia, because theyre in a different place as it relates to the development of financial services. Stephanie Cohen, the 'female banker' is surely one to shatter the glass ceiling, all the CEOs of Goldman Sachs so far have been old white men. After, it was the bank's Stephanie Cohen who reiterated that Goldman is considering strategic alternatives for its consumer lending business. And the great thing about what were going to do with Marcus Invest and kind of in contrast to some of whats been going on over the last couple of weeks, is were going to take that capability, the capability to provide this diversified portfolio from our advisor led business into our digitally led business and really bring the best of Goldman Sachs capabilities and products to hopefully millions of consumers. And then as you mentioned, we have a digital consumer bank. And so I found the book and it was incredibly interesting, but also devastating in so many different ways, because it was very clear that the financial system was not working for most people. This is good-return investing.". And that has definitely been sped up by whats gone on with COVID. The 9 biggest takeaways from Goldman Sachs' investor day, from a tense Q&A with CEO David Solomon to the tater tots for breakfast. Certainly youre gifted and talented. Stephanie Hui, Head of the Merchant Banking Division in Asia Pacific Ex-Japan, Goldman Sachs Voices of Experience "Earlier in my career, I was more reserved about expressing my views," said Stephanie Hui, head of the Merchant Banking Division in Asia Pacific Ex-Japan at Goldman Sachs. And that we were going to build an ecosystem around it. And the thing I say all the time is that you cant talk about these things in two different places. Stephanie Cohen is Goldman Sachs' Chief Strategy Officer and an Ex Officio member of the Management Committee. Im not certified to be helpful, but we do get a lot of questions and it helps you to understand just how many people have these questions and how many people could really use help in managing their finances. Goldman Sachs Group Inc's Chief Executive David Solomon and top executives will give investors an update on their strategy on Tuesday. 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And by the way, how it made them actually better customers over time, because we got them through a really tough period. Particularly consumers in Marcus, youve talked a lot about the role youre in now is really about people. And by the way, that portfolio is different for different people. Upon arriving, her trajectory changed, and she has remained at the firm for over two decades in a variety of roles. "We have savings, lending, investing, and we're close to launching checking. Thank you for inviting me. And that really created an environment where no ones afraid to ask kind of the dumb question, because Stephanies always asking the dumb question because I really wanted to learn. https://www.barrons.com/articles/barrons-100-most-influential-women-in-u-s-finance-stephanie-cohen-51615543200. So much. We have more than 7,500 people in our division globally. Explore how to make financial services a force for good. . And we are lucky because we get to spend our entire days focusing on people. And I thought a lot about this because as you change into a new role, you have to think about what are the things that have helped you to be successful? Whether thats direct disbursements in our loans, meaning when you sign up for a Marcus loan, we can directly pay off your other debts. Cohen is a Goldman Sachs lifer who started at the bank as an analyst back in 1999, spending time in New York and San Francisco. Prior to her current role, Stephanie drove strategy, M&A, strategic investing, and partnerships as the firm's chief strategy officer. Jennifer Tescher: Young, female, banker: Stephanie Cohen has made a career at Goldman Sachs. We're getting to the moment where we can help someone holistically manage their financial lives," Stephanie Cohen,. It'll just take a moment. It was during a stint in the conflict and business selection group that her work stood out, according to a person who worked with her at the time. For example, one of the things I learned early on was that when I was on big conference calls with lots of people, everyone would know when I spoke because I was the only woman., If you work in a company and you want to become the CEO or the CFO, when you look at the person who has the role, and you might think, Im nothing like that person, so I can never do that., Instead, I found it really helpful to look at abroadgroup ofpeople and look for things that I like or relate to. Here are her five best pieces of advice on work and personal finance for professional women. We do it internally. She has worked onhistoric large corporate deals, including Chryslers repayment of a U.S. government loan, which marked the automakers comeback after the 2008 Financial Crisis. wants to be your digital banker, and it has assigned the job to Stephanie Cohen, marking her second year on the Barrons list. And then the last thing was what weve already talked about, which is being super curious and kind of asking a million questions and really want to learn things from the base level. black pallet wrap toolstation, the new slide command on the ribbon lets you choose, how does availability affect the combat capability of a system,
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